It is felt that you are referring to Executive Retention Bonus and no separate agreement for this bonus was signed.
Did the old company or new company issue any written communication to all employees on the subject that company ………..is acquiring company………..and any terms etc….?
You may go thru this communication carefully.
Did it mention that new company is acquiring the old company with stock and barrel and al employees shall enjoy similar and better benefits?
Did it mention anything like” The Employment Agreement shall remain in full force and effect unless and until amended or terminated in accordance with its terms. Without waiving any of your rights under the Employment Agreement………..”
Or the Parent company shall have the right to, interpret, construe all issues….…………..
Did you resign from previous company and then join new company?
Kindly show all communications to a competent and experienced labor consultant/service lawyer and give inputs in person.
Ideally speaking:
--no employee should be at loss and new company should not hesitate to grant retention bonus and should insert the copy of written confirmation to you in your personnel file.
--new management should assume control of the company without violating any terms of employment that were put in place by the former management.
Before signing the offer letter you should have raised the issues and sought time and clarity on issue of retention bonus.
It is felt that your representations to HR and dissatisfactory reply of HR to you are all verbal.
You may approach the good offices of your appointing authority, MD, Company Secretary with a copy to Head-HR, in new { parent }company with a written representation under acknowledgment and attach copy of your appointment letter and seek their concurrence for granting retention bonus in writing upon completion of 2 years from your DOJ the previous company.
Don’t accept verbal replies.
You may also check if vintage of employee shall be counted for payment of gratuity or not?
It is felt that you should be able to prove to the previous company since this company was let to be acquired by new {now may be having the status of Parent Company} you are eligible to be paid Retention Bonus by previous company, and hence previous company should have paid the amount of retention bonus to you if FNF settlement was executed with you. Hence you should take up the matter in writing. The previous company may state that new company shall honor employment agreement set by previous company.
The formalities of takeover might not have completed by now and you can very well write to the good offices of previous company and new {parent} company.
It is felt that there are fairly good chances of getting the remuneration as per terms of employment firmed up by the former management, and good offices and HR would not like to be against principles, rules, and laws.
The previous company might have chosen to offer retention bonus to retain employees at key position till takeover is successful.
Retention bonus is a tactical offer made to employees at valuable positions/valuable employees, to retain them or compensate them for any discomfort which they might be facing due to current set of circumstances.
Tread carefully and remain amiable. Apply exceptional levels of persuasion, persistence, reasoning, negotiation skills and succeed in resolving the matter in your favor.
